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Systemax Inc. (Exact Name of Registrant As Specified in Its Charter)

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Systemax Inc. (Exact Name of Registrant As Specified in Its Charter) UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2017 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to COMMISSION FILE NUMBER 1-13792 Systemax Inc. (Exact name of registrant as specified in its charter) Delaware 11-3262067 (State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.) 11 Harbor Park Drive Port Washington, New York 11050 (Address of principal executive offices, including zip code) Registrant’s telephone number, including area code: (516) 608-7000 Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐ Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ☒ No ☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company”in Rule 12b-2 of the Exchange Act. Large accelerated filer ☐ Accelerated filer ☒ Non-accelerated filer ☐ Smaller reporting company ☐ Emerging growth company ☐ If an emerging growth company, indicate by checkmark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act) Yes ☐ No ☒ The number of shares outstanding of the registrant’s Common Stock as of May 4, 2017 was 36,954,687. TABLE OF CONTENTS Available Information Part I Financial Information Item 1. Financial Statements 4 Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations 14 Item 3. Quantitative and Qualitative Disclosures About Market Risk 25 Item 4. Controls and Procedures 25 Part II Other Information Item 1. Legal Proceedings 26 Item 6. Exhibits 27 Signatures 28 2 Table of Contents Available Information We maintain an internet web site at www.systemax.com. We file reports with the Securities and Exchange Commission (“SEC”) and make available free of charge on or through this website our annual reports on Form 10-K, quarterly reports on Form 10-Q and current reports on Form 8-K, including all amendments to those reports. These are available as soon as is reasonably practicable after they are filed with the SEC. All reports mentioned above are also available from the SEC’s website (www.sec.gov). The information on our website is not part of this or any other report we file with, or furnish to, the SEC. Our Board of Directors has adopted the following corporate governance documents with respect to the Company (the “Corporate Governance Documents”): · Corporate Ethics Policy for officers, directors and employees · Charter for the Audit Committee of the Board of Directors · Charter for the Compensation Committee of the Board of Directors · Charter for the Nominating/Corporate Governance Committee of the Board of Directors · Corporate Governance Guidelines and Principles In accordance with the corporate governance rules of the New York Stock Exchange, each of the Corporate Governance Documents is available on our Company web site, www.systemax.com . 3 Table of Contents PART I - FINANCIAL INFORMATION Item 1. Financial Statements Systemax Inc. Condensed Consolidated Balance Sheets (In millions) March 31, December 31, 2017 2016 (Unaudited) ASSETS: Current assets: Cash $ 144.5 $ 149.7 Accounts receivable, net 152.2 148.6 Inventories 117.5 116.7 Prepaid expenses and other current assets 4.8 3.9 Current assets of discontinued operations - 92.3 Total current assets 419.0 511.2 Property, plant and equipment, net 15.9 16.4 Deferred income taxes 3.5 4.2 Goodwill and intangibles 15.3 15.7 Other assets 2.2 1.5 Long term assets of discontinued operations - 17.1 Total assets $ 455.9 $ 566.1 LIABILITIES AND SHAREHOLDERS’ EQUITY: Current liabilities: Accounts payable $ 169.2 $ 181.3 Accrued expenses and other current liabilities 52.2 49.2 Current liabilities of discontinued operations - 94.5 Total current liabilities 221 . 4 325.0 Deferred income tax liability 0.3 0.3 Other liabilities 24.7 24.3 Long term liabilities of discontinued operations - 2.1 Total liabilities 246.4 351.7 Commitments and contingencies Shareholders’ equity: Preferred stock - - Common stock 0.4 0.4 Additional paid-in capital 185.5 185.5 Treasury stock (23.6) (23.9) Retained earnings 52.8 73.1 Accumulated other comprehensive loss (5.6) (20.7) Total shareholders’ equity 209.5 214.4 Total liabilities and shareholders’ equity $ 455.9 $ 566.1 See Notes to Condensed Consolidated Financial Statements. 4 Table of Contents Systemax Inc. Condensed Consolidated Statements of Operations (Unaudited) (In millions, except per share amounts) Three Months Ended March 31, 2017 2016 Net sales $ 302.5 $ 286.8 Cost of sales 231.7 220.2 Gross profit 70.8 66.6 Selling, general & administrative expenses 58.4 61.9 Special charges - 1.6 Operating income from continuing operations 12.4 3.1 Interest and other income, net (0.2) (0.2) Income from continuing operations before income taxes 12.6 3.3 Provision for income taxes 2.3 1.8 Net income from continuing operations 10.3 1.5 Loss from discontinued operations, net of tax (28.8) (18.8) Net income (loss) $ (18.5) $ (17.3) Basic and diluted EPS: Net income per share from continuing operations $ 0.28 $ 0.04 Net loss per share from discontinued operations $ (0.78) $ (0.51) Net income (loss) per share, basic and diluted $ (0.50) $ (0.47) Weighted average common and common equivalent shares: Basic and diluted 37.2 37.1 Dividends declared and paid $ 0.05 $ - See Notes to Condensed Consolidated Financial Statements. 5 Table of Contents Systemax Inc. Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) (In millions) Three Months Ended March 31, 2017 2016 Net income (loss) $ (18.5) $ (17.3) Other comprehensive income: Foreign currency translation 0.7 1.5 Total comprehensive income (loss) $ (17.8) $ (15.8) See Notes to Condensed Consolidated Financial Statements. 6 Table of Contents Systemax Inc. Condensed Consolidated Statements of Cash Flows (Unaudited) (In millions) Three Months Ended March 31, 2017 2016 Cash flows from operating activities: Income from continuing operations $ 10.3 $ 1.5 Adjustments to reconcile income from continuing operations to net cash (used in) operating activities: Depreciation and amortization 1.4 1.3 Provision for doubtful accounts 0.1 0.9 Compensation expense related to equity compensation plans 0.4 0.3 Gain on disposition and abandonment - (0.1) Changes in operating assets and liabilities: Accounts receivable (2.0) 26.6 Inventories (0.3) 17.2 Prepaid expenses and other current assets (0.8) 3.1 Income taxes payable 1.6 1.2 Accounts payable (13.2) (84.8) Accrued expenses, other current liabilities and other liabilities 2.1 (3.8) Net cash used in operating activities from continuing operations (0.4) (36.6) Net cash used in operating activities from discontinued operations (1.5) (14.4) Net cash used in operating activities (1.9) (51.0) Cash flows from investing activities: Purchases of property, plant and equipment (1.0) (0.8) Proceeds from disposals of property, plant and equipment - 0.1 Net cash used in investing activities from continuing operations (1.0) (0.7) Net cash used in investing activities from discontinued operations (0.1) (0.4) Net cash used in investing activities (1.1) (1.1) Cash flows from financing activities: Dividends paid (1.8) - Repayments of capital lease obligations (0.1) (0.1) Net cash used in financing activities (1.9) (0.1) Effects of exchange rates on cash (0.3) 0.3 Net decrease in cash (5.2) (51.9) Cash – beginning of period 149.7 215.1 Cash – end of period $ 144.5 $ 163.2 See Notes to Condensed Consolidated Financial Statements. 7 Table of Contents Systemax Inc. Condensed Consolidated Statement of Shareholders’ Equity (Unaudited) (In millions) Common Stock Accumulated Number of Additional Treasury Other Shares Paid-in Stock, Retained Comprehensive Total Outstanding Amount Capital At Cost Earnings Loss Equity Balances, January 1, 2017 36,924 $ 0.4 $ 185.5 $ (23.9) $ 73.1 $ (20.7) $ 214.4 Stock-based compensation expense 0.4 0.4 Issuance of restricted stock 38 (0.5) 0.5 - Restricted stock withheld for employee taxes (15) 0.1 (0.2) (0.1) Dividends paid (1.8) (1.8) Discontinued European entities cumulative translation adjustment 14.4 14.4 Change in cumulative translation adjustment 0.7 0.7 Net income (loss) (18.5) (18.5) Balances, March 31, 2017 36,947 $ 0.4 $ 185.5 $ (23.6) $ 52.8 $ (5.6) $ 209.5 See Notes to Condensed Consolidated Financial Statements. 8 Table of Contents Systemax Inc. Notes to Condensed Consolidated Financial Statements (Unaudited) 1.
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